The US government will sell $130 million worth of Bitcoin (BTC) seized from the Silk Road, according to a new filing. In fact, the notice was issued by the U.S. District Court for the District of Maryland and expresses its intent with the seized assets
The announcement of the impending asset sale follows a court-approved confiscation of 69,000 BTC in the Silk Road case. The first ruling was made in August last year, but was finally able to take effect in December, according to a later court filing.
JUST IN: 🇺🇸 The US government files a notice to sell $130 million worth of #Bitcoin seized from Silk Road.
– Watcher.Guru (@WatcherGuru) January 25, 2024
Also Read: US Government Completes Confiscation of 69,370 Silk Road Bitcoin
US Government Sells $130 Million in Seized Siik Road BTC
For those in the digital asset market, Silk Road is considered one of the biggest crimes in the industry. The Silk Road marketplace, a digital black market, has been used for money laundering and illegal drug trafficking in Bitcoin. Subsequently, the United States updated its intentions with the assets seized since its closure in 2013.
The latest update came in a new application from authorities. Specifically, the US government has filed a notice to sell $130 million worth of Bitcoin seized in the Silk Road case. This leads to a better understanding of the outcome of the massive amount of 144,000 Bitcoins seized from the platform.
Also read: US government sells 41,500 Bitcoin ($1.18 billion) linked to Silk Road
Until today's announcement, the last update was at the end of 2023. Then the government officially confiscated 69,370 BTC from the closed marketplace. These assets were transferred to federal control and also included Bitcoin SV (BSV) and Bitcoin Cash (BCH).
At the time of the seizure in 2020, the collection of assets was worth more than $1 billion. The website has been closed since 2013. Furthermore, the final determination of the confiscated funds would be preceded by a legal proceeding.
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